The Independent Financial Brokers of Canada is lowering premiums for its group errors and omissions insurance plan. Under the 2006–2007 plan, rates in Ontario, for example, start at $749, a decrease of almost 10%. Rates in British Columbia have dropped even further, and now start to just $654.

IFB executive director John Whaley points to a favourable claims history as the key to the IFB plan’s ongoing rate reductions. The association’s priorities, notes Whaley, are for a large part dictated by the needs and concerns of its members. “Members told us that spiraling E&O costs is one of their biggest concerns, so we have made rate stability, and ultimately, rate reductions, our primary focus for the past four years,” he says

Continued this year is low cost coverage for the licensed assistants of mutual fund representatives. In recognition of the ‘non-selling’ nature of their work, IFB offers E&O coverage for mutual fund licensed assistants at rates starting from $200.